As part of the deal, BizDateUp will collborate with Duro Green to optimise and automate the latter’s operations through emerging technologies
The stake acquisition comes just weeks after BizDateUp announced the launch of an INR 200 Cr fund to invest in technology startups from Tier-II and III cities
Founded in 2019 by Nishank Shah, Duro Green is a clean tech startup that specialises in wet waste management solutions and sells manure and automatic composting machines
Angel investing platform BizDateUp Technologies, which recently launched an INR 200 Cr Category I Alternative Investment Fund to invest in technology startups, has bought 20% stake in waste management startup Duro Green.
However, the angel network did not disclose the financial terms of the transaction.
BizDateUp said in a statement that the acquisition marks its foray into the wet waste management sector. As part of the deal, BizDateUp will collaborate with Duro Green to optimise and automate the latter’s operations via emerging technologies.
The startup will also use the angel investing platform’s expertise to accelerate its growth plans and shore up innovation.
“… This investment also underscores our recognition of significant market opportunities across various waste streams such as used tyres, sanitary waste, glass, batteries, solar panels, and more. These areas require innovative technologies and business models to tackle effectively,” said BizDateUp cofounder Meet Jain.
Duro Green founder Nishank Shah said, “This investment is a testament to Duro Green’s vision for a greener and sustainable future… With the support of BizDateUp Technologies, our ultimate goal is to set new standards in waste reduction and resource conservation…”.
Founded in 2019 by Shah, Duro Green is a cleantech startup that specialises in wet waste management solutions. It claims to service more than 350 projects that serve thousands of Indian households and recycle their waste.
Its flagship offering is end-to-end waste management offering that offers complete visibility into its logistics and processing of waste. Duro Green also sells manure and a range of automatic composting machines.
It counts Godrej Properties, Subway, Pizza Hut, Domino’s, KFC and Starbucks as among its clients.
With the acquisition of a stake in Dur Green, BizDateUp plans to tap into the growing need for waste management solutions in the country. As per The Energy and Resources Institute (TERI), India generates more than 62 Mn tonnes (MT) of waste annually, of which only 12 MT is treated before disposal.
This presents a huge challenge as most of this ends up in landfills and can impact the environment adversely. As a result, more and more civic bodies and citizens are looking for solutions that offer environmentally-conscious tools to dispose off waste.
This has spawned the rise of many players in the space, including the likes of Attero, Nepra, rePurpose, Ace Green Recycling, among others.
As per a report, the homegrown waste management space is projected to grow to a market size of $17.30 Bn by 2029.
